XRPUSD, Confirmed Outsid Triangle, Continuation Now More Likely!

Hello Traders Investors And Commmunity, welcome to this update analysis where we are looking at XRPUSD 2-hour timeframe perspective, what happened now and what is more likely in the upcoming price-action. As mentioned in previous analysis the more likely bearish confirmation of the triangle in which XRPUSD was trading confirmed rightfully in the schedule, the big question is now if XRPUSD continues with more downside ahead or stabilizes in the range to move higher again. In this case I determined some important signals which will affect the further outcomes sustainable. As the major bitcoin shows also declining signs this can confirm in the other cryptocurrencies also where some are still in consolidation.

Looking at my chart you can watch there that XRPUSD began to break the triangle to the downside and now forms another bearish formation which is in this case a bear-flag marked in red. This formation confirms the further bearish possibilites to the downside as the triangle has already initiated this properly. Therefore it will be highly likely that XRPUSD shows a breakout to the downside of this bear-flag the next times and continuation to the downside till there is serious support found. There is a possibility given that XRPUSD turns to the other side and reverses to breakout to the upside of its established channel, but this possibility is currently highly marginal and can only be considered when XRPUSD tests the upper boundary.

Also the fall below the 50-EMA confirms this bearish pace therefore XRPUSD is building a high bearish environment currently on the short-term, we will see if this can change when it gets to support or if this increases also in the middle and long-term perspectives. for a bullish condition it is highly important to hold the falling support/resistance line which you can watch marked in black because when XRPUSD falls below this support this will cause high bearish pressure and paradigm to the downside. These levels of support are important to hold otherwise the danger of heavy declines seen similarly to the corona increase this year can come back, in this case we should not keep the bearish longer time perspective fully out of sight.

In this manner, thank you for watching, support for more market insight and have a good day!
“Prospect is the ingredient of good fortune.”

Information provided is only educational and should not be used to take action in the markets

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Initital Analysis According The Subject (2-hour timeframe):

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XRPUSD confirmed its bear-flag to the downside

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Next time will show if the middle-line is sustainable enough or if there is more to come